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I recently received a letter from Bank of Hawaii,big company logo on the top.
Was signed: "Jan Yamasaki
Vice President,Bank of Hawaii
Licensed Insurance Producer #300776*
* - at the bottom in fine print-"...of Hartford Life and Accident Insurance Company.".
And though in a case of an accident the bank will write a check,
from the disclosure it's clear that "this insurance product is "...not obligation of BOH,...not insured by BOH,...not guaranteed by BOH".
Using the BOH doesn't sound right even if it's most likely legal.
The insurance is laughable to start with and you get only 50% at age 65 and only 25% at 75 -fine print.
Hopefully seniors will read the fine print well.
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Thanks for sharing the fine print.
Much to my dislike, I receive the same kind of stuff and don't really take it as benefit of being a BoH customer! I always compost what I can of it and let the County bury the rest in the landfill. btw: junk mail is almost all landfilled, with little of the reyclable paper going back for remanufacture.
James Weatherford, Ph.D.
15-1888 Hialoa
Hawaiian Paradise Park
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So they sell insurance, as an agent for Hartford and BOH isn't responsible for the liabilities of Hartford? Would you expect Hartford to cover liabilities incurred by BOH? Is an independent insurance agent liable for liabilities of the company they sell for? No.
This is a non-issue.
PS - BOH probably has hundreds of "vice-presidents". I was one (different bank) and worked in IT.
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quote:
Originally posted by mdd7000
PS - BOH probably has hundreds of "vice-presidents". I was one (different bank) and worked in IT.
Had no idea about hundreds of VPs.
How did you become one?
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Ha...I was an "Executive Director" at a major corporation...It's cheaper to give someone a title than a raise.
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I get "insurance" junk mail from every bank/credit union I have an account. I'd rather they took me off the mailing lists and just gave me the money.
David
Ninole Resident
Ninole Resident
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they all do it. Key bank was the worst tho, they even try to sell health insurance. Banks and Insurance companies are in bed with each other ... Right up there with the realitors and mortgage / title companies. Trying to get you to buy that bigger house so you can go into debt faster. Then while your in there they push insurance on you. It's one big revolving scam.
Do you really need a mortgage? Do you really want to be a slave to banks and insurance companies? Oh well... You can buy CHEAP lots in Puna with no CCR's and build a small cabin on them and break away from the screwed up cycle ... grow some fruit and vegetables and it's probably much cheaper to living in hawaii then a lot of other places.
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I think it's OK to do some side business.What it's not OK for me is that they make it look like the offer is coming from the bank.While a bank customer is insured in case the bank go belly up,that "insurance product" was not insured at all: "not insured by any federal government agency,Bank of Hawaii".
So using BOH name is not right IMHO.
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BoH just sold it's mailing list and use of its name to the insurance company -- so BoH is getting it's cut of the money, but making sure it isn't stuck holding the bag if the insurance company doesn't pay up the customer
